You have just taken out a $20,000 car loan with a 6% APR, compounded monthly. The...

You have just taken out a $20,000 car loan with a 6% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan?

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As nothing was mentioned excel is used. If you need with PVIFA formula, let me know, will do that also. Thank you.

jeff jeffy answered 5 months ago

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